SEOUL, KOREA - Korea's current account surplus during the month of August was US$7.27 billion, continuing a 30-month rally in a row. According to a report "August 2014 International Balance of Payment (Preliminary)" published by the Bank of Korea on September 29, the August current account balance was a surplus of $7.27 billion, down 7.3 percent ($570 million) from the previous month's $7.84 billion. It was because the number of business days was 2.5 days shorter in August than in July.
The goods account balance was expanded 9.6 percent ($650 million) from the previous month. Exports fell 8.9 percent ($4.80 billion) to $49.01 billion from $53.81 billion in July while imports shrank 11.6 percent ($5.46 billion) to $41.56 billion from $47.02 billion. As for the service account balance, it was a deficit of $730 million from the last month's $10 million largely due to a rise in construction payments and intellectual property royalties.
The primary income account balance was a surplus of $1.05 billion from $1.49 billion in the previous month and the transfer income account balance was a deficit of $490 million.
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